Strong Demand for Bitcoin Below $70,000 Highlights Market Resilience
- A total of 1,845,766 BTC was traded in the $60,000-$70,000 range, a significant increase from 1,001,491 BTC on January 1.
- This represents an increase of 844,275 BTC, indicating strong dip buying activity.
- The amount traded below $70,000 accounts for approximately 9.23% of Bitcoin’s circulating supply.
- In contrast, only 400,000 BTC are held in the $70,000-$80,000 range.
- Bitcoin recently bounced back above $70,000 amid geopolitical developments between the U.S. and Iran.
The trading activity suggests that valuations below $70,000 may serve as a price floor due to substantial accumulation in this range. The recent bounce back above this threshold further indicates market resilience despite fluctuations in traditional assets.
With nearly 850,000 BTC bought between $60,000 and $70,000, the data underscores robust demand at lower price levels.(Source)
